India is always exploring options in energy import, MEA on buying cheaper rate oil from Russia.

New Delhi: 17th March, on Thursday India has clarified that it is “always exploring possibilities” in global energy markets as its oil requirements are met by imports.

According to ANI, The Ministry of External Affairs (MEA) spokesperson Arindam Bagchi said that almost all of India’s energy requirements are imported, and the country is always exploring new options.

we are always exploring all possibilities in global energy market, because of the situation of importing our oil requirements. I don’t think Russia has been a major supplier,” Bagchi said at a media briefing when asked if India is buying crude oil from Russia.

According to reports, the Indian government is seeking to offset the impact of surging oil prices by securing supplies from Russia at a discount.
The United States on Tuesday said India would not be violating US sanctions by purchasing discounted Russian oil.

Asked about the reports of India considering a Russian offer to buy crude oil and other commodities at discount prices a week after the US banned all Russian energy imports, White House press secretary Jen Psaki said the Joe Biden administration’s message would be for countries to abide by US sanctions.

India, the world’s third-largest oil consumer and importer and one of the few countries not to condemn Moscow’s invasion of Ukraine, currently imports 80 per cent of its oil, but only about 2 per cent to 3 per cent of those purchases come from Russia.

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